Cummins India Q1 Review - Healthy Growth Aided By Revival In Exports: ICICI Securities
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ICICI Securities Report
Cummins India Ltd.’s revenue grew 137% YoY to Rs 11.8 billion (our estimate:Rs 10.6 billion) in Q1 FY22, aided by 144% YoY growth in exports at Rs 3.1 billion and domestic growth recovery by 140% YoY to Rs 8.6 billion.
Despite the overall logistical and other oxygenrelated bottlenecks, demand has been strong.
Cummins India's export growth recovery is likely to continue given the overall uptick in demand from most geographies.
Government is likely to adhere to emission norm deadline and this can result in market consolidation in medium to long term.
Factoring in beat in performance, we raise FY22E and FY23E earnings by 14.3% and 7.8%, respectively.
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